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Beneficiary of a Bank Account

Beneficiaries of an Estate Can Help the Estate Planning

A good estate plan requires the selection of beneficiaries and contingent beneficiaries. The selection of beneficiaries will usually reflect a person's desires and most often will be a person's spouse, children and other close relatives or friends.  Charities and other not-for-profit organizations may also be named as beneficiaries in a last will or Trust. Naming the beneficiaries of an estate is an important aspect of estate planning. A New York City bank account beneficiary lawyer can help you advance your interests.

Once a person has passed away the beneficiaries of an estate will be either those named in the Will or the persons entitled to inherit under the statutes relating to intestacy.

Additionally, beneficiaries can be named on particular assets.  For example, a person may have a bank account that is owned in his own name alone.  Upon the person's death this account is subject to the provisions of a Last Will. However, if a beneficiary of a bank account is named, the account passes to the named beneficiary upon death.  These types of accounts have been known as totten trusts or as "FBO" accounts which means "for the benefit of".  Another type of account ownership is a joint bank account where the joint owners have a right of ownership.  Upon the death of one owner, the account is owned in its entirety by the survivor.

When creating an estate plan it is important to know who you want to benefit from your asset distributions.  It is also imperative that a person know and understand their beneficiary designations so that their Will provisions and asset designations work in harmony to carry out their intentions. A bank account beneficiary lawyer in New York City can explain the designations.

Another consideration regarding beneficiaries can relate to various business agreements.  For example, if the decedent owned a business, he may be the owner of shares of stock if the business was a corporation.  Ordinarily, a decedent's interest in stock held in his name would pass to his beneficiaries under his Will.  However, the business may be subject to agreements such as a shareholder agreement that requires that the stock be given to the company and that the company would pay a specified sum of money to a named beneficiary. Sometimes this payment is in the form of life insurance proceeds payable to a designated beneficiary.

Additionally, the selection of a beneficiary and the manner in which the beneficial interest is transferred may be influenced by the tax laws.  For example, assets given to a spouse or a charity may provide an estate tax deduction.

The estate tax marital deductions allows all assets passing to a surviving spouse to be free of any estate tax.  The unlimited marital deduction is available for Federal estate tax and also New York estate tax.  Also, on the Federal level a concept known as "portability"  allows a surviving spouse to obtain and use the portion of the estate tax credit exclusion that was unused by a pre-deceased spouse.

As a New York City bank account beneficiary attorney, I have many years of experience working with and advising clients in the creation and implementation of plans that effectively express the clients’ personal desires regarding the disposition and protection of assets while providing potential tax advantages and security for family and beneficiaries.  I have also represented many beneficiaries of an estate.

I graduated in the top 10% of my class at New England School of Law in Boston and served on the prestigious “Law Review.”

Contact me directly at (212) 355-2575 or by e-mail for an appointment with a bank account beneficiary attorney in New York City.

Client Reviews
I am very grateful to Mr. Jules Martin Haas attorney of law in New York. I am from Buenos Aires Argentina. He managed with expertise a very difficult situation. of a complicate heritage from my aunt Anna Grodzka that lived and died a very long time ago in New York. I recommend him not only for his extraordinary knowledge but also for his kindness. Irma CW Peusner
I found Mr. Haas after being misguided by a former attorney. Mr. Jules Haas took our case which involved an estate/trust dispute. What initially seemed like an impossible and overwhelming legal fight was now in the hands of someone who had the integrity and legal expertise to win our case. Mr Haas' attention to detail and his expert knowledge base, skillfully and successfully guided us through an intricate legal process. I am very thankful and grateful to Mr. Jules Haas for representing our interest and ultimately winning. Bringing about a peace of mind we needed. Thank You Devida Nedd
I was in need of a guardianship attorney and I hired the services of Jules M. Haas' Law firm. The service of counselor Haas and his staff, was very profesional and the case was handled in a timely matter. I would strongly recommend his services Angel Guevara
I strongly recommend Jules Haas. I have worked with him for two years and he has provided so much support and followed through with everything he promised he would do. His support staff is just as helpful! We had an interesting case and he helped to solve each part of it legally and was very thorough. Thank you for everything you have done to finalize our families estate Robyn Stafford
Jules Haas helped me with managing the process in probate court for my father's estate through to its completion upon the sale of my father's house. He was knowledgeable, efficient, and effective in submitting documentation to the probate court, explaining procedures to me, and advising me as to the progress of my case. His support staff was also very helpful. He made what for me created so much anxiety into something manageable where I could see progress every step of the way. His fees were very reasonable. I am super grateful to him for all the help he has provided and strongly recommend his services. Diana Janer
I just completed an estate transaction where Jules Haas represented my client in an estate and he did a great job! He was very quick at responding to all matters throughout the sale process, he was detailed, he was knowledgeable and he was a pleasure to work with. I just recommended him to some new clients who are going through an estate matter and will continue to recommend him. Rodolfo Lucchese